Gold Futures Snap Two-Week Losing Skid With 3.9% Rally

Gold futures rose modestly on Friday, with the COMEX February 2012 contract settling higher by $11.50, or 0.7%, at $1,751.30 per ounce.

The yellow metal initially climbed to an intra-day high of $1,767.10 per ounce following release of the U.S. employment report, but pared its gains as trading progressed amid a rebound in the U.S. dollar.

George Gero, precious metals strategist at RBC Capital Markets, wrote in a note to clients that “Gold traders and investors seem more optimistic about recovery, looking at jobs figures and euro-zone pronouncements and stimulus, and more important, the inflationary aspects of this.”

With its advance, gold futures extended their weekly gain to 3.9% and snapped a two-week losing streak.

Other precious metals rose considerably this week as well.  Silver jumped 5.4% to $32.69 per ounce, platinum added 1.0% to $1,548.50 per ounce, and palladium surged 13.0% to $645.85 per ounce.

The cyclically-sensitive and base metal, copper, posted a 9.5% weekly gain on its way to $3.58 per pound.

Source: http://www.goldalert.com/2011/12/gold-futures-snap-two-week-losing-skid-with-3-9-rally/